DUBAI - Gulf stock markets were mixed in early trade on Monday with Qatar's index the standout performer after several blue-chip firms raised foreign ownership limits.
The Qatar index climbed 1.4 percent with Qatar Electricity and Water Co up 3.5 percent and Industries Qatar 3.0 percent higher. Qatar Islamic Bank was up 2.4 percent.
The trio said on Sunday that they were hiking their foreign ownership ceilings to 49 percent from 25 percent, starting on Monday.
The immediate impact on ownership is likely to be very small; at present, for example, foreign investors own only 6.7 percent of Industries Qatar, exchange data shows. But higher ceilings should eventually lift stocks' weight in emerging market indexes.
Among the most active stocks in Saudi Arabia was retailer United Electronics, which rose 3.1 percent after reporting a 66 percent year-on-year jump in estimated first-quarter net profit as sales rose 7.5 percent. It said that in addition to higher sales, which occurred despite introduction of 5 percent value-added tax at start of this year, it increased profit margins on some products and services.
The Saudi stock index was up 0.1 percent in the first hour. Al Rajhi Bank one of the leading beneficiaries of foreign fund inflows in recent months in anticipation of Riyadh joining emerging market indexes, climbed 1.0 percent.
Markets in the United Arab Emirates were muted. In Abu Dhabi, which fell 0.1 percent, Aldar Properties was one of the main drags; it was down 1.5 percent.
Dana Gas fell 3.1 percent after saying on Sunday it had received a new injunction from the English High Court restricting its ability to pay dividends or increase its debt. Dana said it would challenge the order, which was the result of its dispute with creditors over whether it must redeem $700 million of Islamic bonds.
The Dubai index was up 0.1 percent with property stocks helping move the index into positive territory. Emaar Properties edged up 0.4 percent and DAMAC Properties rose 0.7 percent.
(Reporting by Tom Arnold; Editing by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
